The damage caused by toxic drywall imported from China has left far too many borrowers in a situation of financial hardship, with replacement costs eating away at their funds to the point that some are unable to make their mortgage payments.
Government-backed mortgage giants Fannie Mae and Freddie Mac announced Friday that they will grant forbearances to borrowers experiencing problems as a result of the defective wallboard.
Investigations have concluded that the defective, sulfur-emitting Chinese wallboard can cause health problems and corrodes wiring, plumbing, gas pipes, fire alarms, appliances, and some electronics.
Most of the reported problems with the substandard drywall have come out of Alabama, Florida, Louisiana, Mississippi, and Virginia, from homes that were built at the height of the housing boom and those that required structural repairs during the 2005 hurricane season.
Fannie Mae is instituting a new, national policy that provides relief for homeowners who have problem drywall in their homes. Under the company’s “Unusual Hardships” policy, the GSE will direct its servicers to provide qualifying borrowers up to six months of forbearance on their mortgage loan payments. The company is also…
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